Tuesday 6 December 2016

Public consultation does not mean loan restrictions will ease, says Central Bank

Published 10/06/2016 | 02:30

Deputy governor Sharon Donnery told a conference in Dublin the rules, which were introduced last year, would be regularly reviewed, but that this should not indicate that they will be changed. Photo: Jason Clarke Photography
Deputy governor Sharon Donnery told a conference in Dublin the rules, which were introduced last year, would be regularly reviewed, but that this should not indicate that they will be changed. Photo: Jason Clarke Photography

The Central Bank is maintaining a tough stance on retaining its mortgage deposit rules as it detailed an eight-week public consultation examining their impact.

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Deputy governor Sharon Donnery told a conference in Dublin the rules, which were introduced last year, would be regularly reviewed, but that this should not indicate that they will be changed.

Ms Donnery said that had the so-called macro prudential measures been in place 15 years ago, the scale of the financial crisis experienced in Ireland would have been more limited.

"This time, our measures have been introduced early in the cyclical recovery in the market to prevent the recovery from becoming destabilised by excessive leverage being taken on by households," Ms Donnery said. She added that the review later this year would bring together an in-depth analysis on the performance of the rules.

Irish Independent

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